Bitcoin is proving once again that its holders are among the most patient investors in the world. According to new data from on-chain analytics firm Glassnode, Bitcoin investors are sitting on $1.2 trillion in unrealized gains — and they aren’t rushing to sell.
Despite Bitcoin trading just under $107,000, most investors believe the price isn’t high enough to justify taking profits. This growing reluctance to sell hints at bullish sentiment across the market.
💡 What Is Unrealized Profit and Why Does It Matter?
Unrealized profit is the gain on Bitcoin that hasn’t yet been sold. It’s “paper profit,” and at current levels, the average investor is sitting on a 125% return. But instead of cashing out, holders are sticking to the HODL strategy.
Glassnode explains that Bitcoin has found solid support near $98,300, which aligns with the average entry price of short-term holders (those who’ve held BTC for under 155 days). Even with gains doubling, many are choosing to wait for higher prices.
🧠 Long-Term Confidence Signals a Bullish Future
Investor behavior reveals a “strong preference for HODLing”, according to Glassnode. Several key metrics support this:
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Realized profits are down
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Long-term holder supply is at all-time highs
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Short-term holders are no longer selling at recent highs
📉 Selling Pressure Drops as Faith Grows
Selling by short-term holders spiked in May when Bitcoin hit a record high of $111,970. But since then, pressure has dropped sharply. Why? Because most holders believe Bitcoin has more room to grow.
Glassnode suggests that unless prices move significantly higher (or lower), this supply will remain locked up. That could mean lower volatility in the short term, but also less resistance if Bitcoin begins to climb again.
🚨 Are Long-Term Holders the Reason Bitcoin Isn’t Soaring?
Some analysts, like Capriole Investments’ Charles Edwards, argue that long-term holders may actually be slowing Bitcoin’s growth. He believes some early investors have been “dumping on Wall Street” ever since spot Bitcoin ETFs launched in January 2024.
While selling from early whales may be putting pressure on the market, the fact remains: Bitcoin is just 5.5% below its all-time high, and the fundamentals remain strong.
🔮 What’s Next for Bitcoin?
With June closing above $107,000 — its highest monthly candle ever — the market is setting up for a potentially explosive bullish July. If momentum builds and institutional inflows return, we could see Bitcoin break through the psychological $110,000 barrier soon.
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